Instil Bio(TIL) - 2024 Q1 - Quarterly Results

Financial Performance - As of March 31, 2024, Instil Bio had cash, cash equivalents, marketable securities, and long-term investments totaling $161.5 million, down from$175.0 million as of December 31, 2023[3] - Research and development expenses decreased to $7.3 million for Q1 2024, compared to$20.7 million for Q1 2023, representing a reduction of approximately 64.8%[4] - General and administrative expenses were $12.4 million for Q1 2024, down from$13.2 million in Q1 2023, a decrease of about 6.0%[4] - The net loss per share for Q1 2024 was $3.74, significantly improved from$8.77 in Q1 2023, reflecting a reduction of approximately 57.5%[5] - Non-GAAP net loss per share for Q1 2024 was $2.39, compared to$4.29 in Q1 2023, indicating a decrease of about 44.3%[5] - Total operating expenses for Q1 2024 were $23.96 million, down from$58.45 million in Q1 2023, a reduction of approximately 59.0%[15] - Total assets decreased to $306.3 million as of March 31, 2024, from$325.6 million as of December 31, 2023[13] Future Outlook - Instil Bio expects its cash resources to fund its current operating plan beyond 2026, indicating strong financial stability[3] - The company is preparing for a potential investigator-initiated trial in non-small cell lung cancer with its FRα-CoStAR TIL therapy[6] - Instil is exploring opportunities to in-license or acquire novel therapeutic candidates to address significant unmet medical needs[6]